steel is not a natural resource. steel is a cyclical business. steel as a natural resource play is media hype.
-------------------------------------------------------------------------------- Quote from cakulev: BTW, Is it me or Rogers International Commodities Index is very Oil sensitive? Oil+Gas = 44% I am not saying this is wrong, but it doesnât look like a balanced index either. http://www.rogersrawmaterials.com/page3.html -------------------------------------------------------------------------------- I think he has tried to construct an index which is representative of how much each commodity is used. Anyway, the Goldman Sachs version apparently has a 73% energy weighting.
I recall that Soros said of Rogers that he was a brilliant, hardworking analyst (did the work of 6) but was not allowed to pull the trigger. When asked why not, Soros said Jim was no good at pulling the trigger. Basically, Soros was the trader and Rogers the analyst.
Sure he invests. But shorting things, selling options etc is hardly investing... I have a lot of respect for him. However, his timing is out, often by years. He acknowledges this though as he says, he is often too early with his calls. Check out his call on the Nikkei in Market Wizards, especially the level. Was right eventually! Absolutely amazing!!
i suggest you think about it very carefully whether shorting or selling options is investing or not. you need to study what it means to be an investor,
Yep, thought about it....selling options naked, shorting gold futures etc is NOT investing, it is trading. This distinction was pointed out to Jim by Jack Schwager at the beginning of the interview in Market Wizards. If someone feels uncomfortable with being called a 'trader' when he would prefer to be called an 'investor', then that's their problem (snobbery?). I prefer to look at the substance not the form. Actually, the distinction is not really of much interest to me, the "investor" can call himself "Lord High Commander of the Sea" if he wants to. I couldn't care less. Qu. How many legs does a dog have if you call his tail a leg? Ans: 4. Just because you call his tail a leg, doesn't mean it's a leg.